Restructuring events
European Restructuring Monitor (ERM)
The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
On 3 November 2010, the Estonian textiles production company Kreenholmi Valduse AS announced bankruptcy and all 572 employees were left unemployed. The company is owned by the Swedish Borås Wäfveri company. The textile company completely stopped manufacturing on 12 November 2010. This resulted in the dismissal of 572 workers that had remained in the factory.
On 3 November 2010, Borås Wäfveri applied for bankruptcy of Kreenholmi Valdus. On 30 November 2010, court announced the bankruptcy.
According to the company announcements, bankruptcy was caused by the low level of orders and increasing price of production materials. As a result, it became difficult to compete with cheaper manufacturers from other countries. The company tried to avoid the bankruptcy by cutting costs through redundancies, but it was inevitable. Several large scale redundancies over the past years have also been recorded as ERM fact sheets (see cases 7286; 9817; 10461; 14226)
According to the trade union representative, the bankruptcy did not come as a surprise to the workers. However, it will be difficult to find new job in the region in the current economic situation. The Unemployment Insurance Fund also offered counselling to people made redundant. Persons were briefed on their rights and possibilities after losing their jobs.
Eurofound (2010), Kreenholmi Valdus, Bankruptcy in Estonia, factsheet number 71311, European Restructuring Monitor. Dublin, https://dev.eurofound.europa.eu/restructuring-events/detail/71311.
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